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Corn's been climbing pretty steadily through the spring session. Saw prices jump 2 to 5 cents on the session, with crude oil rallying another $5.32 providing some decent tailwind. Most contracts closed up 6 to 9 and 3/4 cents, some of the deferred stuff holding steady or up around 4 and 3/4 cents. Open interest jumped 45,500 contracts, which usually signals fresh buying coming in.
The export numbers this week were pretty wild. Old crop corn sales hit 2.02 million metric tons for the week - nearly triple the previous week and more than double year-over-year. South Korea was the biggest buyer at 530,300 MT, then Colombia and Mexico picked up 225,000 and 224,700 MT respectively. New crop business was lighter at 154,000 MT, all heading to Japan. Cash corn prices hit $4.12 and 3/4, up 9 and 1/2 cents on the move.
Brazil's February exports came in at 1.55 million metric tons, up 9.34% from last year but still well below January levels. Argentina's early harvest is only 7.2% done according to Buenos Aires exchange estimates, with the full crop projection still sitting at 57 million metric tons. Canada's showing 3.846 million acres of corn intentions for the year, up 1.7% if those numbers hold.
March corn closed at $4.41 and 1/2 (up 9 and 3/4 cents), May sitting at $4.53 and 1/2 (also up 9 and 3/4), and July at $4.62 and 3/4 (up 9 and 1/4). The export strength combined with crude oil support seems to be the main driver keeping corn bid here.